2023-11-08 15:29:07
Milestone: Taiwan and the UK officially sign an agreement to enhance their trade partnership
08.11.2023
Taiwan and the United Kingdom officially signed an agreement to enhance their trade partnership on Wednesday (November 8). This is the first time Taiwan has signed an economic and trade-related agreement with a European country. Taiwan’s Ministry of Foreign Affairs said it marked a new milestone in Taiwan-UK economic and trade relations. Taipei hopes that this move will help it join the CPTPP.
(Deutsche Welle Chinese website) Taiwan’s Economic and Trade Negotiation Office of the Executive Yuan announced on Wednesday that Taiwan and the UK formally signed an enhanced trade partnership on November 8 via video conference between Representative to the UK Hsieh Wuchiao and British Representative to Taiwan John Dennis. The Enhanced Trade Partnership (ETP) Arrangement has laid an important infrastructure for the long-term economic and trade strategic partnership between Taiwan and Britain. The agreement also sets out the mechanism and negotiation norms for further negotiations in the future. The two parties will start negotiations on three issues including digital trade, investment, renewable energy and net-zero carbon emissions as soon as possible.
The agreement is the first economic and trade-related agreement signed between Taiwan and a European country.
Deng Zhenzhong, political affairs councilor of Taiwan’s Executive Yuan and chief negotiator of the Economic and Trade Negotiation Office, said on the evening of the 8th that the United Kingdom is a major economic and trade country with a long history, the sixth largest economy in the world, and a global leader in biotechnology, energy, automobiles, AI, finance and other industries. status and are highly complementary to Taiwan’s industrial development. The signing of this agreement between Taiwan and the United Kingdom “will help further enhance our international economic and trade status and increase the confidence of other countries in the world in interacting with us.” In addition, Deng Zhenzhong said that the United Kingdom will become a new member of the CPTPP, and improving economic and trade relations with the United Kingdom is of great significance to Taiwan’s membership work.
Taipei applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2021, which is seen as a bulwark against China’s dominance in the region. Beijing has also applied to join the agreement and opposes Taiwan’s entry.
The UK formally signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in July this year.), becoming the first European country to join the agreement. This is also the largest trade agreement signed by the UK since Brexit. The agreement is expected to enter into force in the second half of 2024.
When manufacturers in CPTPP member countries purchase inputs required for production from other member countries, they can enjoy preferential treatment if they comply with the terms of the rules of origin. The Taiwan government has been lobbying CPTPP member states to support its membership.
British Business and Trade Secretary Kemi Badenoch signed the CPTPP in Auckland, New Zealand, in July this year. CPTPP is composed of 11 member countries including Canada, Mexico, Japan, Australia, Vietnam, Singapore, and Malaysia.
Taiwan’s Ministry of Foreign Affairs: We are pleased to see Taiwan-UK economic and trade relations reaching a new milestone
Regarding the signing of an agreement to deepen the trade partnership between Taiwan and the UK, Taiwan’s Ministry of Foreign Affairs stated that the UK is Taiwan’s important economic and trade partner in Europe. It is happy to see and affirms that Taiwan-UK economic and trade relations have entered a new milestone. In the future, it will continue to cooperate with the Executive Yuan to work closely with the UK. Actively expand various substantive interactions and exchanges.
Britain diplomatically recognizes the People’s Republic of China but maintains unofficial relations with Taiwan.
Beijing lashes out at any diplomatic action that might confer legitimacy on Taiwan and opposes Taipei joining international organizations such as the World Health Organization.
In July this year, a spokesperson for the Chinese Embassy in the UK stated that the UK and Taiwan would launch talks on “strengthening trade partnerships” at an appropriate time, saying, “China has always firmly opposed any form of official exchanges between countries that have diplomatic relations with Taiwan. The relevant actions of the UK violate one of the China’s principle violates the UK’s own commitment to maintain unofficial relations with Taiwan, sends a seriously wrong signal to the ‘Taiwan independence’ separatist forces, and grossly interferes in China’s internal affairs. China expresses strong dissatisfaction and firm opposition to this, and has informed the UK Make solemn representations.”
(AFP, etc.)
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